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sMASH wrote:Buy crude at crude prices, and sell Refined products at refined product prices.
A barrel of oil might be 70 us. 490 tt.
159 liters in one barrel.
50 tt for a liter of engine oil, 7900tt per barrel. So like 1000tt.
Some is sold as diesel. tt diesel price is 5 per liter. 790tt, per barrel. So like 100 us.
Raw material to product is in us, but i estimate a comfortable margin.
All other costs.. power, salaries, contractors, all, That paid in tt.
They will sell us to the central bank and buy tt to pay everything local.
If u only take the us transactions, there was always more us dollars came into the country , than left.
Wrt to forex, it was a net forex earner.
And mind, much of the crude was local too, so paid in tt.
The tt expenses on the other hand. Well that went to pnm friends and family.
And espinet managed to turn a profit in the last 2 quarters before the av protection
Exactly, Refining margins on their own were good and very buoyant since the Ukraine war. The problem was gross mismanagement, massive overstaffing in especially in corporate and the idiotic union. If the advice of mc Kinsey was taken, we would have restructured by only keeping core staff and trimming the excess fat and been in a much better position.pugboy wrote:it’s not so simple to convert crude into refined products eh
to keep refinery running is a huge cost
plus regular maintenance
it’s not like a restaurant where you turn on stove when customers come in and order
Habit7 wrote:sMASH wrote:The refinery was a good forex earner, everybody knows that.
"We are producing approximately 40,000 barrels of oil a day and the refinery operates at a capacity of 140,000 barrels a day, so we have to go to the market to buy about 100,000 barrels of oil to make up the shortfall," Petrotrin Chairman Wilfred Espinet said. "This results in a net loss in foreign exchange."
https://www.spglobal.com/marketintellig ... AAJf4P6XQ2sMASH wrote:The only reason why petrotrin was shut down was to squash the documents between av and keet.
A&V was a contractor of Petrotrin E&P which is today Heritage. The refinery which was shut down was part of Petrotrin R&M.
The Fake Oil scandal came out more than 1yr before Petrotrin was restructured. If you read the arbitration all the documents were available and they were able to call all the relevant witnesses.
I know you are just going to double down on your lie, but I am just saying this for the benefit of objective minds.
And yet they paid big salaries...greggle71 wrote:I knows nothing about the oil industry but all I remember re Petrotrin over the years was that their employees were well paid and they always had to come to the cabinet for subvention as they were always in debt. If yuh profitable then yuh don’t need to beg anybody for anything.
Mmoney607 wrote:PNM president gets blanked from diplomatic missions
https://newsday.co.tt/2024/04/25/presid ... food-fair/
sMASH wrote:It usually made a loss. Except when espinet finally made the hard decisions to make it turn a profit.
Only considering the USd aspect, it pulled in more USd than cost.
That alone justified continuing it's operation.
Cause the losses were in TTd(paid to workers, management, contractors, suppliers etc)
The same arguments used to justify carnival spending applied to the refinery.
IMG_20240426_111000.jpg
death365 wrote:also 600 "ah pop" is too expensive with out and benefit from it - political benefits. no persons/orgs will just puh out tha kinda $ jus so!Mmoney607 wrote:PNM president gets blanked from diplomatic missions
https://newsday.co.tt/2024/04/25/presid ... food-fair/
pugboy wrote:the thing is that them political trolls seem to have a running database in their heads which easily accessible without a thought
the average person not capable of such memorizing and recall
how do they do it ?
are they taking some special tablets or supplements ?
pugboy wrote:the thing is that them political trolls seem to have a running database in their heads which easily accessible without a thought
the average person not capable of such memorizing and recall
how do they do it ?
are they taking some special tablets or supplements ?
I doubt, they just play him for a Kantmero wrote:UNC supporters HATE Habit7 for this one simple trick.
death365 wrote:also 600 "ah pop" is too expensive with out and benefit from it - political benefits. no persons/orgs will just puh out tha kinda $ jus so!Mmoney607 wrote:PNM president gets blanked from diplomatic missions
https://newsday.co.tt/2024/04/25/presid ... food-fair/
Rowley will go on a platform and is level:wing wrote:Pugboy logic.
Habit7 wrote:sMASH wrote:It usually made a loss. Except when espinet finally made the hard decisions to make it turn a profit.
Only considering the USd aspect, it pulled in more USd than cost.
That alone justified continuing it's operation.
Cause the losses were in TTd(paid to workers, management, contractors, suppliers etc)
The same arguments used to justify carnival spending applied to the refinery.
IMG_20240426_111000.jpg
The_Honourable wrote:
Basically Rowley being deceptive by saying that 1.6B profit was misinformation and political mischief. When Lee eventually clarified where the information originated, Rowley doubled down and stated (admitted) that the 1.6B profit was from Exploration & Production while the Refinery side was making a loss dragging down the company. Rowley should have just stated this in the beginning, but he knew the answer would favor those who believe Petrotrin only needed to be restructured or "rightsized" and not closed down.
Habit7 wrote:The_Honourable wrote:
Basically Rowley being deceptive by saying that 1.6B profit was misinformation and political mischief. When Lee eventually clarified where the information originated, Rowley doubled down and stated (admitted) that the 1.6B profit was from Exploration & Production while the Refinery side was making a loss dragging down the company. Rowley should have just stated this in the beginning, but he knew the answer would favor those who believe Petrotrin only needed to be restructured or "rightsized" and not closed down.
But the $1.6B profit was misinformation and political mischief. The only way to conclusively determine profit or loss is from audited financial statements. So Lee claiming that "the media say..." is akin to a rumour. If Massy Stores Chaguanas made a profit, it would be wrong to say that Massy Stores T&T made a profit. In the same vein, if Petrotrin E&P made a profit that doesn't equate to Petrotrin making a profit.
And Petrotrin was rightsized by separating E&P as Heritage Petroleum, lowering the headcount while the majority of those hired were Petrotrin employees. Petrotrin R&M was separated as Refining was closed down and sold off and Marketing is now Paria Trading. The success with the profits of Heritage and Paria should silence the critics but with fake news like the above that Petrotrin made a profit in 2018, is all an effort to emotionally sway ppl who don't look at the facts.
Ramdass in the pre-action protocol letter, which was obtained by Guardian Media, explained that two months after the Ministry of Finance (MoF) submitted the public accounts on January 31, 2024, she was advised that they had made a massive error whereby the ministry was now claiming that the Government’s revenue was understated by over $3 billion—to be exact $3,379,777,908.
The Auditor General indicated that the ministry wanted to amend the national accounts to reflect this higher revenue figure.
However, she said the ministry admitted that whilst it could account for some of this money, the sum of $780,499,791.27 could not be accounted for.
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